Maplebear Inc. $CART Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its holdings in Maplebear Inc. (NASDAQ:CART) by 12.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 131,922 shares of the company’s stock after buying an additional 14,188 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.06% of Maplebear worth $4,942,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of CART. Pinnacle Bancorp Inc. bought a new position in Maplebear in the first quarter worth about $25,000. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear during the fourth quarter valued at approximately $27,000. Allworth Financial LP grew its holdings in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after purchasing an additional 244 shares during the last quarter. IFP Advisors Inc raised its position in shares of Maplebear by 761.3% during the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock worth $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. raised its position in shares of Maplebear by 212.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock worth $43,000 after purchasing an additional 787 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CART has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on Maplebear from $45.00 to $47.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Raymond James Financial raised Maplebear from a “hold” rating to a “moderate buy” rating in a research report on Thursday, April 9th. Jefferies Financial Group upgraded Maplebear from a “hold” rating to a “buy” rating and raised their target price for the company from $38.00 to $45.00 in a research note on Monday, March 30th. Barclays raised their target price on Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $55.00 price target on shares of Maplebear in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.86.

Maplebear Trading Down 0.9%

Shares of NASDAQ CART opened at $45.82 on Friday. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $53.50. The company has a market cap of $10.77 billion, a PE ratio of 25.60, a P/E/G ratio of 0.63 and a beta of 0.75. The stock has a 50 day simple moving average of $43.50 and a 200-day simple moving average of $40.65.

Maplebear (NASDAQ:CART) last posted its earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 earnings per share. Sell-side analysts forecast that Maplebear Inc. will post 2.46 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the transaction, the director directly owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 24.00% of the company’s stock.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.